This study analyzes the factors affecting net cash flow (NCF) of food companies listed on the Vietnamese stock market during the period 2018–2024, using panel data regression models and statistical analysis with SPSS 27 software. The results show that both accounts receivable (AR) and accounts payable (AP) have a positive impact on NCF, emphasizing the important role of credit and debt management in maintaining stable cash flow of food enterprises. In contrast, inventories (INV) have a negative impact on NCF, reflecting liquidity risk due to capital tied up in raw materials and products with short shelf lives, reducing cash generation. In addition, the study did not find a significant relationship between liquidity ratio (CR), cash conversion cycle (CCC) and NCF, indicating that short-term liquidity is not the main determinant of Net cash flowin the food industry. Firm size (SIZE) has a positive effect on NCF, indicating that larger firms enjoy scale advantages and access to capital, while firm age (AGE) has a weak negative relationship, suggesting that older firms may face challenges in cash flow management. These findings highlight the need for effective management of inventory and receivables to optimize cash flow in food businesses.